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Horizon Bank

Horizon Bancorp Announces Record Quarterly and Six-Month Net Income

July 27, 2016 08:10 AM
 

FOR IMMEDIATE RELEASE

Michigan City, Indiana (NASDAQ GS: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and six-month periods ended June 30, 2016.

SUMMARY:

  • Net income for the second quarter of 2016 was $6.3 million or $.52 diluted earnings per share.
  • Excluding acquisition-related expenses and gain on sale of investment securities, net income for the second quarter of 2016 increased 38.9% compared to the same period of 2015 to $7.2 million or $.59 diluted earnings per share.
  • Net income for the first six months of 2016 was $11.7 million or $.96 diluted earnings per share.
  • Excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first six months of 2016 increased 24.1% compared to the same period of 2015 to $13.0 million or $1.07 diluted earnings per share.
  • Total loans, excluding mortgage warehouse loans, increased 8.1% on an annualized basis during the second quarter of 2016.
  • Net interest income for the first six months of 2016 increased 17.0% or $5.9 million compared to the same period in 2015.
  • Net interest margin, excluding the impact of acquisitions (“core net interest margin”), was 3.42% for the second quarter of 2016 compared to 3.36% for the prior quarter and 3.51% for the same period in 2015.
  • Non-interest income for the first six months of 2016 increased 24.4% or $3.5 million compared to the same period in 2015.
  • Horizon’s tangible book value per share rose to $17.17 at June 30, 2016, compared to $16.53 at December 31, 2015 and $17.06 at June 30, 2015.
  • Horizon entered Fort Wayne, Indiana in the second quarter of 2016 by establishing a loan production team that will focus on commercial lending in Indiana’s second largest city.
  • On June 1, 2016, Horizon closed the acquisition of Kosciusko Financial, Inc. (“Kosciusko”) and its wholly-owned subsidiary, Farmers State Bank, headquartered in Mentone, Indiana.
  • On July 18, 2016, Horizon closed the acquisition of LaPorte Bancorp, Inc. (“LaPorte Bancorp”) and its wholly-owned subsidiary, The LaPorte Savings Bank, headquartered in LaPorte, Indiana. LaPorte Bancorp’s results are not included in Horizon’s June 30, 2016 financial results.
  • On July 12, 2016, Horizon announced the pending acquisition of CNB Bancorp and its wholly-owned subsidiary, The Central National Bank and Trust Company, headquartered in Attica, Indiana. 

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